Year-end season is upon us once again. Microsoft has just released the GP 2021 year-end update. Here are the details about this year’s update to help plan for your year-end processes.
The year-end release is only for the current GP version, which can be applied directly as an update to version GP 2018 or newer. If you are currently on a release prior to GP 2018, an upgrade is required. The current release is GP 18.4. Everyone that applies the year-end update will be on this latest release. Dynamic Consulting recommends applying at least one GP update per year. If you do not require an update for year-end changes, we recommend planning a more convenient time during the year to apply the update. If you have not seen the latest release information about Dynamics GP, please review this blog for the latest information.
Year-end change detail:
- There are no form changes for payroll for the 2021 reporting year
- Payables 1099-NEC (3 part form), 1099-MISC, 1099-DIV form changes
- Payables 1096 form changes
- Fixed Assets – luxury auto depreciation changes
- Payroll 1099-R form changes
If you would like Dynamic Consulting to assist you in installing the update, please let me know as soon as possible. In addition to the GP release, any 3rd party products that are installed will need to be verified for this version before we will be able to install the update. I expect that most should be ready by the week of December 6th if not earlier. Most updates take about 2-4 hours to complete. During the update time, everyone will need to be out of GP.
You can find more information about the year-end update on Microsoft Docs and the Microsoft blog.
If you use GP for payroll, this is the Microsoft site for year-end planning.